Mamdooh's assets seized over K-Park flat sale fraud
Police raided Mamdooh's apartment at FW Residence in Hulhumale for the second time Saturday evening.
Assets belong to Hassan Mamdooh, the former minority shareholder of Hanbo Maldives company which is developing the K-Park Residence luxury flats in Hulhumale, has been confiscated in the investigation into allegations he sold flats to customers of at low prices and extorted large sums of money from the company's customers.
Police raided Mamdooh's apartment at FW Residence in Hulhumale for the second time Saturday evening.
Atoll Times has learnt that the assets suspected to have been bought from illicit funds were seized for the investigation for an indefinite period of time under a warrant issued by the Hulhumale court.
They included his apartments and some assets in his wife's name, it is learnt.
Mamdooh's passport was impounded in June for the investigation, but the Criminal Court released it later, sparking public outrage.
Hulhumale magistrate court subsequently granted a police request for an arrest warrant. He was arrested but has since been released.
A case where he allegedly used Hanbo Maldives to sell flats in the K-Park residences to fraudulently sell the flats at a cheap price emerged in May. The company filed a criminal complaint with the police.
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Hanbo alleged that Mamdooh and another person had extorted money from many people
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Hanbo said the signature of its Managing Director Jin Shi Hu, who owns 95% of the company, was forged
Besides Mamdooh, the passports of two others were seized in the case. Atoll Times has learned that the two are Jaishan Saeed, a business partner of Mamdooh's who is allegedly involved in selling the flats dishonestly, and a South Korean national who is said to be a broker for a South Korean company called Hanbo Tech.
